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Revel AC Inc. Rated 'B-'; $850M Senior Secured Term Loan Rated 'B' (Recovery Rating: 2) Feb 11
Standard & Poors, February 2011
Atlantic City-based casino operator Revel AC Inc. completed its $1.15 billion debt issuance, the proceeds of which will be used to complete remaining development and construction of Revel AC, a resort and casino in Atlantic City. We are assigning Revel a 'B-' corporate credit rating with a negative outlook, and rating the company's $850 million first-lien term loan 'B' with a recovery rating of '2'. The negative rating outlook reflects our belief that the company will be challenged to generate the substantial level of cash flow necessary to accommodate its debt service obligations. NEW YORK (Standard & Poor's) Feb. 23, 2011--Standard & Poor's Ratings Services today assigned Atlantic City-based Revel AC Inc. (Revel) its corporate credit rating of 'B-'. The...
Companies mentioned in this report are: Revel AC Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
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Revel AC Inc.